Staten Island VIP Short Sale Page

Staten Island Short Sales

V.I.P. Real Estate, Inc.


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SHORT SALES...are exactly what?

Staten Island Short Sale Process.

Some people think it's an easy way for buyers to get a real great deal on a house. Sellers think it's a way out of their mortgage headache. Well the truth is...their both right. The challenges faced by both buyer and seller, is that a lot has to happen for a short sale to actually close, and it is not always a pleasant transaction. It requires a lot of negotiations, and could take some time for everything to fall into place.

For the seller:
There are many ways to sign away home ownership in a manner that can destroy your credit, embarrass the family and affect your dignity. Foreclosure and bankruptcy comes to mind first.  However there is an alternative, and it's called a "Short Sale". In Staten Island as well as in the entire United States, short sales are happening every day. That's how prominent Short Sales have become.

Basically, the lender agrees to a sale price between the seller and the buyer and agrees to accept less than the entire amount due them. This allows for a new deed to be transferred to the buyer with no resulting conditions. However, not all lenders will participate in a short sale, especially if foreclosure on the property is better for them than a discounted payoff. It all depends on the balance owned the lender, and the market value of the home. Sometimes, the loss is too great for the lender to accept a Short Sale transaction.

For the buyer:
The person purchasing a short sale may be in a position to pick up a great home for a reduced price. But, this does not come without difficulties too. First of all, low ball offers will go nowhere, because Short Sales have the same appraisal requirements that other types of residential sales do. Actually, the lender is quite interested in what an appraiser determines the value of the property to be, before they agree to anything.

Another important issue is time. Lenders do not make decisions quickly when short sales are involved, and there's usually someone higher up-the-ladder that makes the final decision too. So it can be a very slow process, especially in the early stages of negotiations. This by itself can be an added expense for the purchaser if they don't evaluate their own circumstances before entering into a short sale. For renters buying a short sale, they could get hit with additional rent and penalties. If a landlord wants the apartment back when you said you would return the keys, but because of delays you can't leave, it could be costly to the renter. Also, if a buyer secures a rate lock too soon with their own lender and the rate lock is expiring, you'll need to pay for another one.

An an issue that also frequently arises, is that the first appraisal on the property could time-out due to delays, and another appraial has to be ordered and pay for. This more recent appraisal is done to reveal any changes in the property's value. There are other things that could delay a short sale from closing, and a common one is that the seller may be indebted to others that have a direct affect the Title of the property.

If your a short sale candidate, either a buyer or seller, then you need to use a Realtor with short sale experience, and has the patience to see the deal through to the end for everyone concerned. A good Short Sale agent will assist in finding out all that can be learned about the property, and help with any obstacles or issues that may arise.  A good short sale agent knows where to look, and what information is important to learn. This plays an important role in the transaction, and it helps buyers and sellers focus on other things.

Note: When a short sale is closed, the lender might issue an IRS 1099  form to the seller as income for the differential or loss to the lender, and therefore income to the seller. A short sale seller should consult with an accountant as to any additional debt that may be incurred from a short sale transaction.

We would like to say that we provide the best short sale service that we can to all our customers and client's. And it's based on all our years of experience and training, so we feel that we can assist you with short sale transactions. If you want to know more or have some questions you can call us directly at 718 967-2600 and mention that you are interested in short sale help.
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Residential & Commercial Specialists
The Real Estate Team
V.I.P. Real Estate, Inc.

We offer short sale assistance to Staten Island homeowners.

Staten Island Short Sale assistance. Let us guide you throught the Short Sale process in Staten Island, NY